Looking to buy a house

Asked by Delia Maldonado, Windsor Park, Austin, TX Sun Aug 12, 2012

How much do u have to put down on a house for a first buyers

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Seth Koppel’s answer
Seth Koppel, Agent, Austin, TX
Fri Sep 14, 2012
Hi Delia,
Certainly varies based on the borrower, income, credit and type of loan - as well as location of the house. Can be as low as $0 with a USDA loan, 3.5% on an FHA loan - and there are other programs available. I'd be happy to help explain it to you.
Seth Koppel, Realtor and Broker/Owner of TexHomes Realty
0 votes
Pamela Shemet, Agent, Crystal River, FL
Wed Aug 15, 2012
Congratulations Delia! I would recommend contacting your local lender first.
They can tell you what your price range will be also make sure you get a pre-qualify letter. This will save one step when you are ready to present your offer. Good luck & all the best.
0 votes
Betina Forem…, Agent, Austin, TX
Mon Aug 13, 2012
Your first step is to speak with a local lender. Depending on your personal financial history there are different loan programs that you may quailify for. For example: first time home buyers, veteran loans, etc. Once you find out what you are approved for then contact a local Realtor to see homes. The first step is always the lender, because most Realtors won't show you hoes in person until they see your approval letter. I wish you luck on your home purchase!


Betina Foreman- Realtor, C.N.E.
Austin Home Girls Realty
1601 West 6th Street
Austin, TX 78703
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Mon Aug 13, 2012
Good morning Delia,

Your Local Mortgage Banker can discuss with you minimum down payments based on the type of loan programs/products you are qualified for. Here's the timeline I recommend to HomeBuyers:

First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes
Javier Reyes, Agent, Autin, TX
Mon Aug 13, 2012
Good morning Delia,
I hope that you had a great weekend. My name is Javier Reyes. I am a Keller Williams Realtor. I happen to be currently selling a home for one of your neighbors in Windsor Park.
As you have heard it is possible to put down as little as 0% with the use of some programs. Or as much as 20% to avoid financial insurance fees.
The next step is to choose a Professional Realtor whom will help you understand the Pros and Cons of these different options.
Call us @ 512-636-5351 or email us at; Javier@JavierReyesRealtor.com
0 votes
Thomas White, Agent, Austin, TX
Sun Aug 12, 2012
Let me know how I can help! Albert/ Cadenza Realty/ Austin
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Steven Nusin…, Agent, Austin, TX
Sun Aug 12, 2012
Hi Delia,

As you have heard, you can do 3.5% with an FHA loan. There are also many first time home buyer programs. Are you an educator?

Please feel free to contact me anytime. I would be happy to help you with finding the right lender and loan program, do a price analysis on any home, and show you only homes that meet your criteria. Buying a home is exciting, and I would be happy to facilitate the entire process at no cost to you.

Steve Nusinow
0 votes
JOSEPH E JAR…, Agent, Austin, TX
Sun Aug 12, 2012
Delia, with an FHA loan the minimum down payment is 3.5%. On a conventional loan, the minimum down payment is 5%. There're also some first-time homebuyer programs if you do not have enough money down that you may qualify for based on your income, credit, debt, etc. I work with first-time homebuyers like you on a regular basis and have some excellent lenders who can speak with you and review your specific situation and let you know where you stand and what you qualify for. That is the first step at this point.

Please feel free to contact me and I will put you in touch with one of these lenders, and they will not charge you anything for preapproval, nor will I charge you anything for excellent, professional buyer representation. I happen to be one of the top rated buyers agents in Austin and would be happy to assist you!!

Joe Jarusinsky, Realtor/Master Instructor
Keller Williams Realty, 512-261-4415
0 votes
Eric Hegwer, Agent, Austin, TX
Sun Aug 12, 2012
Hi Delia,

Are you going to buy your first house? That's so Exciting! I remember when I bought my first house for my wife and I. I didn't know anything.

Everything seemed so scary and official, but really it was pretty easy.

There are lots of different programs for first time home buyers. Really, there are too many for me to talk about here. It's best if we maybe grab a coffee and chat about what kind of house you are looking for, and discuss the different financing programs together.

If you have some time, give me a call and I'll do my best to help.

Cheers, and congratulations

0 votes
Ronald Culli…, Agent, Austin, TX
Sun Aug 12, 2012
Hello Delia, please contact me and lets discuss what you're looking for. I work all over the Austin area and have helped over two hundred home buyers and sellers in my 14 years in the business. I would be honored and delighted to help you too.

Ron Cullinan
Avalar Austin
0 votes
vivianne dor…, Agent, Austin, TX
Sun Aug 12, 2012
Delia, the more you put down, the lower your mortgage will be and the better your offer will look in the seller's eye. Of course you can put as little as 3.5% down, but think of your monthly payments and of paying less in interest. You should also consult with a mortgage broker who will explain all types of loans, interest rates, closing costs, etc.
0 votes
Randy Stevens, , Austin, TX
Sun Aug 12, 2012

That all depends on what your goals are and what you are comfoortable with paying both as a down payment and as a total monthly payment. As a general rule, the more down, the leas your monthly payment. While some types of loans will let you get away with $0 down (USDA for example), expect the pay 3.5% of the purchase price for FHA loans and more for conventional.

Feel free to call or email and discuss further.

Good luck!

Randy Stevens
Web Reference:  http://www.stevensres.com
0 votes
Christi Bayl…, Agent, Pflugerville, TX
Sun Aug 12, 2012
It varies depending on the loan type and location. If you are in a USDA eligible area - you can put 0%. Otherwise, if it's not in a USDA area - you can do an FHA loan and that is 3.5% down minimum. There are conventional loans where you can put down as little as 3% - but those have tight guidelines - so I'd say 5% down on a conventional loan is the lowest you could go.

Feel free to contact me if you'd like to find homes in the USDA eligible areas - or any area. I specialize in the North Austin/RR/PF and Cedar Park areas - and I love working with first time home buyers! 512-788-3698 or cbaylor@uprealtygroup.com.

Christi Baylor
Real Estate Broke
UP Realtyr
0 votes
Laura Mcmill…, Agent, Austin, TX
Sun Aug 12, 2012
There are many factors to answer that question. There are programs/incentives available for qualifying first-time buyers. To explain in depth, please contact me. I am an Accredited Buyer Representative and excited to chat with you. Please contact me at your earliest convenience and we'll find what works best for you and not just "how much do I need to put down on a house?" I look forward to hearing from you!

Laura McMillan
0 votes
Daniel Leips…, Agent, Austin, TX
Sun Aug 12, 2012
Good Afternoon Delia,

There are several answers to this question depending on your current financial situation. The average down payment is 10% although there are programs which allow lower down payments. FHA are 3.5% down while others are 0% down with down payment assistance programs. If you have any questions, feel free to give me a call or shoot me an email.

Best Regards,
Daniel Leipsic
Fine Austin Living
0 votes
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